Brands go broke in Greece
22.07.2011 2037

Brands go broke in Greece

Under the weight of the economic crisis and huge liquidity problems, companies are crumbling day after day in Greece, writes Immigrant Press.

Small and medium-sized businesses are primarily affected, but well-known brands are no exception. The company Lakis Gavalas, owned by the famous Greek fashion designer Lakis Gavalas, a few weeks ago, in accordance with the Bankruptcy Law Code, applied to the protection under 99 article in order to be able to manage its debts to creditors. A sharp drop in retail sales of clothes and shoes and poor financial management are considered the main reasons that led the famous fashion designer to such a development of events - a fact that impressed the Greeks: if the bankrupt is Gavalas, what about the rest ?!

The company Lakis Gavalas SA took over the Ministry of Economics, the Department of Economic Crimes: the company's debt on loans is 17,37 million euros, and the obligations on total payments to the state - 94,3 million euros.

The company, a pioneer of sales via the Internet, e-shop.gr, also applied for protection under 99. The same fate befell the famous and popular clothing and footwear companies Ridenco Commercial, Timberland, Nautica. In accordance with the state of the market, the situation will worsen if the liquidity problem is not eliminated as soon as possible.

Under the weight of the economic crisis and huge liquidity problems, companies are crumbling day after day in Greece, writes Immigrant Press.

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